How would you portray a traditional “luxury shopper”? Maybe someone has a high-profile job, owns a mansion in one of the most luxurious areas of the subway, and spends freely on top-notch international brands. Since the pandemic, the term “luxury” has been redefined by many. The pandemic has also seen India’s luxury market grow, as wealthy, habitual international travelers and shoppers who used to buy luxury goods overseas (and couldn’t travel as often for the past two years) found the convenience and convenience of assortment. Diversity at comparable prices in their own country. Today’s luxury consumer is different from the traditional wealthy high net worth individuals (HNIs) of the past. Today’s luxury consumers are millennials. Investopedia calls them HENRY – the high earners are not rich yet – professionals who are well-earned but not wealthy are driving the growth of luxury goods.
These millennial female luxury shoppers are discerning — for whom luxury shopping is therapy — and they find satisfaction when they buy rare and exclusive products. They also expect luxury brands to be environmentally conscious and take a stance on sustainability, race and gender. Millennial female luxury shoppers prefer understated elegance over superficial luxury. A recent report by a retail company shows that COVID-19 has changed buying behavior, especially women, who are more active consumers of luxury goods and experiences than men. “Female luxury consumers today do not want to belong to one group. With the constant bombardment of information with digitalization and social media, they are more aware of concepts such as sustainability, recycling, environmental protection, etc. This has led to an awareness of luxury prudent consumption,” says psychologist Harsheen Arora.
Financial freedom also makes women responsible shoppers: Brands
In contemporary times, Indian millennial women are the main driver of the consumer market. They are very independent and financially stable, which in turn helps them make informed choices for themselves. “The average financial independence of a millennial woman drives her financial decisions and shapes her spending habits,” said Kunal Lakhapati, co-founder of a wellness startup.
With financial independence comes the responsibility of being a careful consumer. While millennial women are shopping for luxury goods, they are budgeting for themselves and clarifying their priorities. “I’m a proud millennial woman who is free to choose where she wants to spend her hard-earned money. I’ve always believed in spending on high-quality products and experiences, but at the same time, I avoid impulse purchases. Mostly My purchases are prudent and planned. I prefer to spend on ethical luxury brands in beauty and fashion as well as travel. Whether it’s a gym membership or a yoga studio with a great instructor, wellness is something I keep investing in,” Says marketing professional Disha Palma.
Women invest in all things authentic, artisanal and homegrown
Today’s conscious, fashion-savvy women are more interested in investing in pride in timeless pieces that may stay on the fashion charts longer,” says designer Aniket Satam. Additionally, millennial shoppers are increasingly Be aware of where and how these products are made.
“While millennials embrace modernity, they also recognize the transformative value of technology, have the insight to recognize the timeless value of tradition, and recognize the need to nurture it. Luxury brands that are committed to advancing social, environmental and animal good in their Wellbeing practices in business operations, including sustainable sourcing practices, are very popular. You could say sustainable fashion and beauty are here to stay,” says designer Anita Dongre.
Millennial luxury shoppers want to be unique because their purchases stand out and express their individuality. “A lot of women come to me for my jamdani sarees, because we weave every thread in the sarees in the most precise way, so these sarees take 8 months. This shows that these women are ready for Skills and craftsmanship pay, and they know what they’re investing in,” says designer Gaurang Shah.
The luxury experience women demand
Millennial women have very different views on luxury. For them, luxury is being able to travel anytime, anywhere, enjoying a fine meal and the best wines, or just watching their favorite movie on a chaise longue. For them, it’s all about a strong desire for a satisfying shared experience. For the typical luxury consumer, price isn’t an issue. It’s a unique experience she pays for. Luxury consumers like to see exclusivity in product displays and expect a premium customer experience even when shopping online.
Brands that offer a customized shopping experience make customers feel special. Whether it’s helping customers make the right choice by using the video calling option, or helping them choose or package and deliver it specifically, luxury consumers expect a great experience. A handwritten thank you note or any other personalized gesture will make luxury consumers feel special.
According to a recent survey by a leading retail portal, millennials are particularly interested in spending money on experiences, with 78% of Gen Y respondents saying they would rather spend money on experiences than material things spend money. “The idea behind this is that you get more miles from an adventurous weekend getaway than a new pair of shoes. Travel, you look forward to it, have a lot of fun over the weekend, and make lots of memories to cherish. It’s better than investing in material things. The resulting happiness is so much more,” said financial professional Varsha Sheth.
“Female shoppers want customized products”
wirelessWomen have become more experimental and comfortable with their bodies and less apologetic, and they don’t shy away from expressing their uniqueness and individuality through the clothing and accessories they wear. In fact, individuality is the need of the times. Says designer Payal Khandwala: “This selfie culture needs personalisation. The flamboyant ‘logo culture’ has shifted to being ‘customised’ according to personal tastes and preferences.” Perhaps this is why the leading international brand’s iconic baguette comes with a variety of The reason for DIY decor kits, allowing consumers to create one-of-a-kind masterpieces. Women are always looking for something that will make them stand out from the crowd and help shape their identity.
Pink Tax Decoded
A form of gender-based price discrimination, the pink tax refers to the inherent intangible cost that women must pay for products designed and sold specifically for women, rather than the same products designed and sold for men, which typically sell for less.
Facts About the Pink Tax
A gender-specific study comparing 800 products from 90 brands showed:
– Toys and accessories for women/girls are 7% more expensive than toys and accessories for men/boys.
– The same applies to children’s clothing, with a 4% increase in girls’ clothing and an 8% increase in adult clothing.
– 13% higher for personal care products and 8% higher for senior or home health products.